Wednesday, November 28, 2012

Cambodia external borrowing to reach $915m next year

News DeskRasmei Kampuchea DailyPublication Date : 28-11-2012Cambodian Finance Minister Keat Chhun
said the government would borrow US$915 million from the International
Monetary Fund (IMF), the Asian Development Bank, China, Japan and South
Korea next year. "We plan to ask for National Assembly
approval to let the government borrow 600 million SDR in 2013," he said,
referring to special drawing rights, the IMF unit of account. That
compares with 700 million SDR this year."The loans will be used to invest in
economic growth, to build roads, bridges, canals and dams and invest in
electricity," the finance minister said. "We are paying attention to
road development in rural areas."Keat Chhon said loans from China would be used to develop 400 kilometres of roads in rural areas.